The cash management system is something any business, for that matter, needs to cannot survive. No matter what you choose, be it the traditional pen and paper method, electronic cash register, or the modern-day point of sale (POS) system, every restaurant needs software to process sales.
The traditional electronic cash registers are the antecedents of the new-age POS system. It was not before cash registers that business owners could formally store cash or record cash flow. Instead, they used pen and paper to record sales and collected money in cupboards or drawers.
The evolving need for cash control with the increase in size led to the adaption of cash registers. With this, owners could track the amount of cash earned. Processing sales was much easier earlier, though with no or fewer complexities of taxes, small menu, limited seating, and stock availability. There was no online ordering, delivery, and multiple payment modes. Moreover, the food industry was not as competitive as it is at present.
Restaurant POS systems came into existence to smoothen the overall process.
Difference Between Electronic Cash Registers and POS Systems
- Restaurant POS systems collect price records from a relational database and perform several calculations. It includes deductions, tax paid per item per sale, different rates for preferred guests, verify sold items against the stock, stamp the transaction with time-date, and records the mode of payment.
- The POS system calculates sales based on time, date, order source, outlet, and product type.
- Such a system helps process the sales data into dashboards and reports.
In a nutshell, a restaurant POS system is a lot sophisticated than traditional cash registers. These can automate and manage most of the regular establishment tasks that often consume a lot of effort and time when performed manually.
Some of the benefits restaurant POS systems offers are:
- Inventory management: A POS system helps you handle your inventory and prevent issues like understock, overstock, wastage, and even internal thefts.
- Employee management: A modern POS system enables you to manage your staff attendance. You can distribute daily tasks among those who are present and control their salaries.
- Accounts Management: As discussed above, a POS system lets you track and process your sales on a day-to-day basis.
- Customer Management: With a POS system, you can track orders from various modes. It includes delivery, takeaway, and dine-in. Also, it helps you offer a personalized experience to your customers, which increases their satisfaction and builds a long-term bond with you.
Change is inevitable. A modern POS system is entirely different from a cash register. To attain success, you must adapt to innovation and changing market trends and needs. The restaurant POS systems have brought about a revolution in the industry making management super-easy.
Y the Wait offers a POS system that can automate and manage most of the day-to-day tasks efficiently. Contact our sales team for more information.